Greystone, a leading commercial real estate lending, investment and advisory company, and Rittenhouse Realty Advisors, a Philadelphia-based commercial real estate advisory group, announced that they have combined capabilities to form a joint venture, Greystone Rittenhouse Realty Advisors.

The Rittenhouse Realty Advisors team is led by Managing Partners Ken Wellar and Corey Lonberger, who share a combined three decades of experience in providing commercial real estate advisory services to private capital and institutional investors in the Northeast. The Greystone Rittenhouse Realty Advisors team includes a total of seven sales and debt advisors focused on the Mid-Atlantic and Northeast regions.

“Ken and Corey’s reputations in the advisory sector precede them, and we are thrilled to pursue a collective mission of being a true full-service capital solutions partner for property investors,” said Jim McDevitt, President, Greystone Real Estate Advisors. “For multifamily owners, Greystone has a thoughtful and strategic solution for every portfolio, whether it is for disposition, refinancing, or acquisitions and bridge financing to permanent debt, and we are thrilled to bring our capabilities to new clients in the Mid-Atlantic and Northeast regions.”

Over more than 15 years, Mr. Wellar has advised on the sale of over 23,000 multifamily units totaling more than $2 billion. Mr. Lonberger, also a multifamily specialist with more than 17 years of sector expertise, has advised on the sale of over 34,000 units totaling $2.8 billion in value. The team, which is actively involved in industry organizations such as NMHC and ULI, has experience across a range of asset types, including urban mixed-use properties, development sites, large-scale apartment communities, and privately-owned campus-adjacent student housing properties.

“Joining forces with Greystone will provide our team with a full toolbox of financing options for clients, from debt to equity, and we can boost local market expertise for Greystone’s existing platform in the Mid-Atlantic and Northeast,” said Mr. Wellar.

"Rittenhouse Realty Advisors has built a reputation of commitment and excellence throughout the Mid-Atlantic over the last seven years. We look forward to joint venturing with Greystone to grow our platform into markets throughout the east coast and throughout the country,” added Mr. Lonberger.

About Greystone

Greystone is a real estate lending, investment and advisory company headquartered in New York. Its Multifamily Real Estate Advisors team provides services in sales, acquisitions, and a full spectrum of advisory services including debt, equity, acquisition, and investment sales to multifamily owners and investors of affordable and market rate housing. For more information, visit www.greycoadvisors.com.    

About Rittenhouse Realty Advisors

Based in Philadelphia, Pennsylvania, Rittenhouse Realty Advisors is a real estate advisory firm with an
extensive focus in the brokerage of multi-family communities throughout the northeast region of the United States. Formed in February 2013 by a group of advisors with more than 30 years of commercial investment sales experience, our focus is on multi-family and mixed-use properties with significant residential components. www.rittenhouserealty.com  

Greystone, a leading national commercial real estate lending, investment, and advisory company, announced that Cullen R. O’Grady has joined as a Managing Director and senior loan originator based in the company’s Rockville, Maryland office.

Mr. O’Grady has more than 16 years of multifamily investment sales experience in the Washington, D.C. and Mid-Atlantic markets. He has deep expertise in debt structure and origination, including Fannie Mae, Freddie Mac and FHA financing, as well as equity placement and investment sales for acquisitions, refinancing and recapitalization opportunities.

Throughout the course of his career, Mr. O’Grady has handled more than $1 billion in real estate financings and investment sale transactions of multifamily, office, self-storage, mixed-use and single-tenant net-leased properties throughout the U.S.

Prior to joining Greystone, he was a Managing Director for multifamily and manufactured housing community agency lending with SunTrust Commercial Real Estate (formally Pillar Finance). In addition, he led the investment sales and brokerage team at Vanguard Realty Group in Rockville, Maryland, working with private, institutional and high-net worth clients on Mid-Atlantic multifamily and commercial properties, including conventional, repositioning and affordable assets. His experience also includes representing lenders, consulting services, REO sales and receiverships. Earlier in his career, Mr. O’Grady held a Senior Associate position within the National Multi Housing Group of Marcus & Millichap Real Estate Investment Services.

“The dynamic Mid-Atlantic market continues to be a favorite of commercial real estate investors. Cullen’s extensive and accomplished multifamily expertise enables Greystone to better serve investors seeking to capitalize on the region’s many opportunities,” said Rick Wolf, Executive Vice President, Agency lending at Greystone. “Further, Cullen’s experience in agency financing and placing equity, along with his investment sales background, further enhances our capabilities to deliver solutions to a variety of investors across the capital stack and we are excited to have him join our team.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, announced that Christopher Blake has joined as a Director based in New York, reporting to Anthony Cristi, Managing Director.

Joining from Cross River Bank, Mr. Blake has more than two decades of experience in commercial real estate loan origination and finance, with an emphasis on the multifamily, mixed-use, retail, industrial and warehouse sectors. Previously, he served for 20 years at Astoria Bank (now Sterling National Bank) in both commercial and residential loan production, and oversaw the bank’s entire retail production departments, including retail, wholesale and correspondent lending. He received his M.B.A. in Finance from Long Island University of New York and undergraduate degree from Hofstra University.

“Chris has a demonstrated track record of organizing teams to deliver the best possible outcomes for clients, which is why we are thrilled to welcome him to Greystone,” said Mr. Cristi, Managing Director, Greystone. “At Greystone, we pride ourselves on team creativity and collaboration for a seamless and best-in-class experience, in every market, for every client, no matter the property.”

Greystone, a leading national commercial real estate lending, investment, and advisory company, has provided an $8 million HUD-insured loan to refinance a 90-bed skilled nursing facility in Plainfield, Connecticut. The transaction was originated by Lisa M. Fischman of Greystone.  

The $8,008,000 permanent FHA financing carries a 35-year term and 35-year amortization along with a low, fixed rate. Greystone provided a bridge loan to the borrower to acquire the facility earlier in 2019. 

The family-owned and operated Colonial Health & Rehab Center of Plainfield offers long- and short-term skilled nursing and rehabilitation services, as well as respite, hospice and palliative care. The facility also offers recreational and lifestyle amenities on-site to its residents.

“One of the key benefits of our seamless bridge-to-HUD platform is our ability to move our clients quickly from the initial acquisition into permanent financing,” said Ms. Fischman. “We are thrilled with the final outcome and look forward to Colonial Health’s continued success serving its local community.”

“It was a pleasure working with the team to finalize the transition of our bridge loan to HUD,” said Curtis Rodowicz, co-owner and administrator of Colonial Health & Rehab. “This strategic financing places us in a financially secure position for years to come. We are grateful for the diligence and hard work of all the vendors, partners, and friends we made along the way that assisted in the comprehensive package that was approved. Colonial Health & Rehab looks forward to expanding with future growth opportunities in our neighboring communities.”  

Co-owner Robert Darigan added, “We know that we have a financing partner in our corner that believes in us and us in them.”

Greystone, a leading commercial real estate lending, investment and advisory company, has provided $15,800,000 in Freddie Mac financing for a new seniors affordable housing property to be built in Covington, Georgia. The transaction was originated by PJ McDevitt of Greystone on behalf of Dominium Holdings, one of the largest affordable housing development and management companies in the country.

The $15.8 million Freddie Mac Tax Exempt Loan (Forward TEL) is part of the Freddie Mac Target Affordable Housing (TAH) Program. The financing includes a 30-month forward period for construction, with Freddie Mac’s permanent take-out carrying an 18-year term with a 35-year amortization period at a low, fixed rate. Construction of the property is scheduled to be completed in 2021.

Located 30 miles southeast of downtown Atlanta in Covington, the Legends of Covington Senior community will offer a mix of one-, two- and three-bedroom apartments – 198 in total – for individuals 55-years of age and older. The property will consist of a single, four story building, and will offer amenities such as a clubhouse, gym and sports court, business center, media room, laundry, elevator, beauty salon, picnic area, storage and onsite parking. The property will be located near the Newton County Senior Center, which is considered to be the one of the most active senior centers in the State of Georgia.

“We are thrilled that we could help our long-time client secure the right financing for this project, with a quick close so that they could break ground as soon as possible,” said Jeff Englund, Senior Managing Director of Greystone’s Atlanta office and head of Greystone’s affordable housing group. “We thank Freddie Mac for their partnership in financing this project, which will fill a gap in affordable housing options for seniors in this community.”

“We knew we could rely on Greystone for this important project – though Newton County has a vibrant 55+ community, affordable housing stock for seniors is always in high demand,” said Paul Sween, principal of Dominium Holdings. “We’re grateful to our Greystone team for working with Freddie Mac to pull the right terms together and we look forward to bringing Legends to life.”

Greystone, a leading commercial real estate lending, investment, and advisory firm, today announced the closing of a $50,000,000 bridge loan made to an affiliate of Hudson Companies, Inc. to refinance House No. 94, a brand new 7-story, 75-unit “80/20” mixed-income multifamily rental building located at 94 North 3^rd Street in Williamsburg Brooklyn. The 5-year variable-rate loan was provided by an affiliate of Ares Management LLC to replace the original Wells Fargo construction facility.

House No. 94, completed in 2018, features condominium-quality finishes, two roof decks with Manhattan skyline views, a 12,000 square foot landscaped courtyard and an extensive amenity package that includes an attended lobby, bicycle storage, a state-of-the-art fitness center and tenant lounge.  In addition, retail tenants at the building include SolidCore, a one-of-a-kind workout program that focuses on controlled resistance training, and two luxury retailers to be announced in conjunction with early 2020 openings.

Greystone Capital Advisors, led by President Drew Fletcher, served as exclusive advisor on the transaction, with support from Managing Director Matthew Klauer and Analyst Cassandra Connolly. “House No. 94 is another example of Hudson Companies’ unique ability to deliver contextual, thoughtfully-designed projects that offer great value to tenants while also enhancing the neighborhoods in which they are located,” said Mr. Fletcher. “We are thrilled to have deepened our relationship with both Hudson Companies and Ares on this exciting transaction.”   

Alison Novak, a principal at Hudson Companies, shared her enthusiasm: “Greystone’s deep capital markets knowledge, creativity and determination were essential in executing this important assignment for Hudson and its partners.  We are also deeply appreciative of the team at Ares who worked quickly under a tight closing timeframe to deliver a great execution.”